Your business is required to enroll if:
· You do not currently offer an employer-sponsored retirement plan
· If you have 5 employees or more
· Been in business more than 2 years
Your business is exempt from enrolling if:
· You already offer a retirement plan to your employees
· You have less than 5 employees.
· You have been in business for less than 2 years
If you meet the qualifications the mandatory deadline to register is November 1, 2023.
If you received a letter, you must register on the IL Secure Choice website using the access code on the letter. If you are exempt you must register your exemption.
If you did not receive a letter but would like to report that you have a retirement plan or are exempt, you may call (855) 650-6913 to speak to someone with IL Secure Choice.
A couple of other things to note:
- If you already offer a retirement plan, but not all your employees qualify for that plan, you are not able to offer IL Secure Choice to the nonqualifying employees.
- If you are required to sign up for the Illinois Secure Choice program, there is no contribution by the employer. The employer is only required to facilitate the deductions from employee paychecks and remit the amounts to the IL Secure Choice program.
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